S&P's president reportedly stepping down

NEW YORK — Published reports say the president of Standard&Poor’s is stepping down, a decision coming only weeks after the rating agency’s unprecedented move to strip the United States of its AAA credit rating.

The Financial Times and The Wall Street Journal are reporting that Deven Sharma will stay on as an adviser to S&P’s parent company, McGraw-Hill Cos., until the end of the year.

The reports, citing people familiar with the matter, say Sharma’s move was in the works well before S&P downgraded its rating on the U.S. to AA-plus on Aug. 5.

The downgrade sent shock waves through global financial markets and was sharply criticized by the Obama administration, which said S&P’s analysis was fundamentally flawed.

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